Ch. 390

LAWS OF MARYLAND

obligation bond proceeds or 2. that equals the net interest costs
of the sale of State general obligation bonds out of which the
loan is made plus 1/8 of 1 percent for a loan made from proceeds
of a State general obligation bond issue.

5-411.

A loan under this subtitle is a general obligation of the
borrowing subdivision, to the repayment of which the
subdivision's full faith and credit are pledged or an obligation
of Baltimore City repayable from assets and revenues as provided
in the loan agreement. However, notwithstanding any other
provision of law, a loan to Baltimore City, Baltimore County,
Prince George's County, or any municipal corporations, under this
subtitle may be undertaken or entered into by the counties,
municipal corporations, or Baltimore City pursuant to and within
the limitations of this subtitle without regard to any
limitations set forth in its charter or other applicable public
local or public general law that would otherwise apply, and
without complying with any procedures set forth in its charter or
other applicable public local or public general law that would
otherwise be required. The Secretary, upon the sale of any part
of the land [secured by] SUBJECT TO THE LIEN OF a loan agreement
and prepayment of principal as provided in this subtitle, OR
WHERE LAND SUBJECT TO THE LIEN OF A LOAN AGREEMENT AS PROVIDED IN
THIS SUBTITLE IS RESERVED FOR USE FOR AN ENTIRE INDUSTRIAL PARK,
shall execute a partial release of such land from the lien of the
loan agreement.

5-414.

Any moneys received in payment of interest and repayment of
principal under loan agreements provided for in this subtitle
shall be deposited in the Treasury and shall constitute a
permanent special fund to be known as the "Industrial Land Fund."
The moneys in the Industrial Land Fund from time to time may be
expended (1) for the same purposes as the proceeds of the loan
authorized by this subtitle, AND (2) TO PAY ANY AND ALL EXPENSES
IN CONNECTION WITH THE ADMINISTRATION OF THIS SUBTITLE INCLUDING,
BY WAY OF EXAMPLE, EXPENSES FOR ADMINISTRATION, LEGAL, ACTUARIAL,
AND OTHER SERVICES, and such moneys shall be used for no other
purpose.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1988.

Approved May 17, 1988.

- 3080 -